NATIONAL UPDATES:
1. Union budget 2020-21 presented by Finance
Minister: Union Finance Minister Nirmala Sitharaman
presented the Union Budget 2020 for the 2nd time in a row. The annual financial
statement of a government, the Union budget gives details about the revenue and
expenditure of the Centre in the past and estimated spending and projections
for the coming year. Sabka Sath, Sabka Vikas, Sabka Vishwas was the tagline of
government mentioned by Finance Minister Nirmala Sithraman in her speech. The
themes of this Budget: Aspiration, development, compassion.
Some of
the highlights of Union Budget 2020-21:
(1) The tax of
only 10% will be charged to Rs 5 lakh-7.5 lakh income as against prevailing 20%
rate; From Rs 7.5 lakh-10 lakh income, a tax rate of 15% against 20% prevailing
rate; For income Rs, 10-12.5 lakh, a rate of 20% will be charged as against 30%
earlier; For income between Rs 12.5 lakh-15 lakh will be taxed at 25 per cent as
against 30%; For those at Rs 15 lakh plus income, the tax will be 30%.
(2) The
government has removed 70 exemptions; deductions with a view to further
simplify the tax regime.
(3) Reducing
the corporate tax rates for new companies in the manufacturing sector to 15%.
Similarly, for existing companies, rates lowered at 22%
(4) Tax on
Co-op societies to be reduced to 22% plus surcharge, as against current 30%.
(5) The
government has proposed a 100% tax concession to sovereign wealth funds on
investment in infrastructure projects.
(6)
Concessional tax rate of 15% extended to power generation companies. Dividend
Distribution Tax (DDT) shifted to individuals instead of companies.
(7) Housing
made more affordable, tax holiday to affordable housing developers. Additional
Rs 1.5 lakh tax benefit on affordable housing loans.
(8) Customs
duty raised on footwear and furniture. FM Sitharaman halves customs duty on
import of newsprint, lightweight coated paper to 5%.
(9) The budget
has provided an outlay of ₹8,000 crores for quantum computing over five years
to break into this technology.
(10)
Comprehensive measures for 100 water-stressed districts, PM Kusum schemes
removed farmer’s dependence, Solar Power generation units will be set up for
farmers to make a living out of the barren land.
(11) For
sector comprising of agriculture, allied sector, 2.83 lakh crores have been
made for 2020-21; 1.6 lakh crores for agriculture; for rural and Panchayati
Raj- 1.23 lakh crores.
(12) The new
education policy will be announced soon, IND-SAT exam proposed in Asian and
African country for foreign university 3.60 lakh crores for Jal Jeevan mission.
New Education policy soon.
(13) About 150
higher education institutes will start Apprenticeship embedded degree diploma
courses by March 2021. Steps would be taken to enable sourcing to provide
higher quality education. Urban Local Bodies to provide internship
opportunities for young engineers. For deprived students, degree level
full-fledged online education programme to be started.
(14) National
Police University and National Foreign University will be set up. Medical
colleges to be set up at district level to produce more doctors.
(15) PM Govt
allows tech companies to set up Data Centre parks to provide internet to
citizens. It allocates Rs 6,000 crore for BhartatNet.
(16) 5600
crores Allocated to nutrition-related programmes for FY 2020-21. Nutrition of
Children, pregnant women, Poshan Abhiyan was launched.
(17) For SC
and OBC Classes, 85,000 crores allocated for FY 2020-21 For ST Classes, 53,700
crores allocated for FY 2020-21 For Senior Citizens & Divyangs, 9,500
crores for 2020-21.
(18) Indian
Institute of Heritage and Culture to be set up. 5 archaeological sites would be
developed as iconic sites with the onsite museum: Rakhi Garhi Haryana,
Hastinapur UP, Shivsagar Assam, Dolavira Assam, Adichalanur in TN.
(19) FM
announces 2 National Science Schemes Genetic Database for drug innovation &
Quantum Computing for advancing our computational and analytical capabilities
to join an exclusive global league – Rs 8000 Cr over 5 years.
(20) Proposed
to sell the balance holding of the government of India’s IDBI to private retail
and institutional investors through the stock exchange.
(21) The
government raised the insurance cover to Rs 5 lakh per depositor, which is
currently Rs 1 lakh. This comes after the PMC bank crisis.
(22) India
will host G20 Presidency in the year 2022 and the Finance Ministry is set to
allocate Rs 100 crore for the preparations.
(23) The
Ministry of Finance is set to allocate Rs 28,600 crore for programs meant
especially for women. “Beti Bachao Beti padhao” is a highly successful scheme;
girls registration in school has surpassed that of boys.
(24) The
government has plans to raise money through LIC IPO. The government will thus
sell part of its holding in the LIC.
2. Mumbai’s Iconic ‘Kala Ghoda Arts Festival’
Begins from 1st Feb: The 21st edition of the 9-day Kala Ghoda Arts
Festival (KGAF) 2020, one of the biggest open street arts and cultural festival
of India, has begun in Mumbai from 1st February 2020. The Kala Ghoda Festival
is one of the most-awaited art and cultural festivals which takes place in the
Kala Ghoda area of South Mumbai since 1999 in early February and attracts a
wide range of crowd from all across the world. The Festival is organised by the
Kala Ghoda Association, a non-profit organisation that states its objectives as
“physically upgrading the Kala Ghoda sub-precinct and making it the Art
District of Mumbai”. The theme for 2020 KGAF is “PAST FORWARD.” The 2020
edition of the event has been organised across 14 categories including dance,
food, children activities, theatre, music, movies and films, literature, street
events, visual arts, heritage walks, stalls, workshops, urban design and
architecture, and standup comedy. This year’s festival is different from the
rest of the editions as it has invited general public to raise funds for it
through a crowd funding platform, “Ketto”.
3. ISRO working on low-cost satellite launch
vehicles: The Indian Space Research Organisation (ISRO)
has announced that it is preparing low-cost satellite launch vehicles costing
around 30-35 crores rupees each, which can put into orbit satellites weighing
500 kgs. The first such launch is expected to take place in the next four months
from the country. ISRO has earmarked 1,600 million Dollars for launch vehicles
of which 870 million Dollars will be for PSLV and the remaining for GSLV.
Note: ISRO
Director: K.Sivan; Headquarters: Bengaluru; Established: 1969.
INTERNATIONAL UPDATES:
1. Global health Emergency declared over
Coronavirus by WHO: World Health Organization has declared an
international emergency over the novel coronavirus from China. The organization
has declared an emergency as the disease has spread to 18 other countries apart
from China where it originated.
Note: WHO
Headquarters: Geneva, Switzerland; Director general: Tedros Adhanom.
2. Indian Think Tank ORF ranks 27th on ‘2019
Global Go To Think Tank Index’: Indian think
tank Observer Research Foundation (ORF) has been placed at 27th position among
176 global think tanks in the ‘2019 Global Go To Think Tank Index’ Report. The
report is released by the Think Tanks and Civil Societies Program (TTCSP) of
the Lauder Institute at the University of Pennsylvania. ORF moved up from the
118th position in the 2018 to be ranked among top 30 think tanks globally in
2019. The list has been topped by Carnegie Endowment for International Peace of
US, followed by Belgium’s Bruegel at second and French Institute of
International Relations (IFRI) at third position. The index ranks these
organizations based on their ability to generate policy-oriented research,
analysis, and advice on domestic and international issues, thereby enabling
policymakers and the public to make informed decisions about public policy.
Other Indian
think tanks in list include:
Institute of
Defence Studies and Analyses (IDSA) – 41
Indian Council
for Research on International Economic Research (ICRIER) – 110
Centre for
Civil Society (CCS) – 83
The Energy and
Resources Institute (TERI) – 111
Vivekananda
International Foundation (VIF) – 149
3. UK Launches 4 mn Pound Innovation Challenge
Fund in India: The United Kingdom government has launched 4
million pound (about Rs 37 crore) Innovation Challenge Fund in India to support
collaborative research into emerging technologies. Innovation Challenge Fund
will encourage industry and academia to collaborate and develop tech solutions
for social, economic and environmental challenges in India. The initiative is
focused on two major tech clusters: Artificial Intelligence/ Data in Karnataka
and Future Mobility in Maharashtra.
OTHER UPDATES:
SPORTS
1. Goa 2020 National Games unveils ‘Rubigula’ as
official mascot: The 36th edition of the National Games of India
will be held from 20 October to 4 November 2020 in Goa. The official mascot for
the Goa 2020 National Games was unveiled on 01 February 2020 by the Chief
Minister of Goa Pramod Sawant in the presence of Union Minister of Youth
Affairs and Sports Kiren Rijiju. The Flame-Throated Bulbul under the name
‘Rubigula’ has been unveiled as the mascot for the event. The Flame-Throated
Bulbul is the state bird of Goa. The event will see participation by 36 states
and union territories, 12,000 athletes, officials and will host 37 sports
disciplines across 24 venues in Goa.
Note: Chief
Minister of Goa: Pramod Sawant; Governor of Goa: Satya Pal Malik.
2. Sofia Kenin wins Australian Open Grand Slam
Singles title 2020: American Sofia Kenin (21-years) has won the
Australian Open Grand Slam Singles title 2020 (108th edition) at Melbourne,
Australia. She defeated Garbiñe Muguruza in the final 4–6, 6–2, 6–2. Kenin was
the youngest Australian Open finalist since Ana Ivanovic, and the youngest
champion since Maria Sharapova, both in 2008.
3. India set to host Barca Academy Cup, Asia
Pacific for second Year in row: The second
edition of the Barca Academy Cup – Asia Pacific (APAC) Region has been
organised at Barça Academy Delhi NCR at the Heritage School in Gurgaon, Haryana
from January 30 to February 2, 2020. This is the second time India is hosting
the FC Barcelona’s football tournament. The tournament is organized by FC
Barcelona for all its soccer schools in the Asia Pacific zone. The tournament
is held in four different categories (U9, U11, U13 and U15) for participants
aged 7 to 14 years. The 2020 edition will feature more than 700 boys and girls
representing India, Australia, Turkey, China, Singapore, Japan and Spain.
4. ICC appoints India’s Anurag Dahiya as Chief
Commercial Officer: The International Cricket Council (ICC) has
appointed seasoned media professional Anurag Dahiya as its Chief Commercial
Officer (COO). He is slated to take charge in early March this year. Anurag is
credited to launch India’s first international cricket-only channel Star
Cricket. He also oversaw the launch of ESPN STAR Sports’ first 24×7 sports news
channel ESPNEWS and OTT platform ESPN Play.
AWARDS AND HONOURS
1. Mo O'Brien, 1st deaf person to row across
Atlantic Ocean: Pharmacy worker Mo O'Brien (60-years) has become
the first deaf person on record to row an ocean by finishing a 3,000-mile
journey across the Atlantic.Mo O'Brien and her fellow crew members, including
her daughter, landed on the Caribbean island of Antigua 49 days after setting
out from the Canary Island of La Gomera in December. Ms O’Brien rowed almost
3,000 miles (4,800km) of Atlantic Ocean with her daughter and their friend
Claire Allinson.
DEFENCE
1. 1st indigenous bio-jet fuel aircraft of IAF
landed successfully in Leh: The AN-32
aircraft of Indian Air Force powered with 10% blend of bio-jet fuel took off
and landed successfully in Leh airport. This is the first time, both the
engines of an aircraft are powered with bio-jet fuel. The bio-jet fuel is
manufactured from “Tree-Borne oils”. The raw materials for the oil are grown
and procured from Chhattisgarh tribal areas. This will help in reducing India’s
dependence on crude oil imports and also will assist in reducing carbon
emissions.
Note: Air
Chief Marshal of India: Rakesh Kumar Singh Bhadauria.
2. Indian Coast Guard Day: 1st February: Indian Coast Guard (ICG) celebrated its raising day on 1st February.
Indian Coast Guard is an armed force of India which protects maritime interests
and enforces maritime law, with the jurisdiction over the territorial waters of
India. It works in close cooperation with the Department of Fisheries, Indian
Navy, the Department of Revenue and the Central and State police forces. It
operates under the Ministry of Defence.
Note: The
interim Indian Coast guard was established on 1 February 1977 to prevent
sea-borne smuggling of goods which were hampering India's domestic economy. On
18 August, 1978 Parliament of India passed the coast Guard Act which came into
immediate effect. Obituaries
OBITUARIES
1. Veteran feminist writer Vidya Bal passes away:
Veteran social activist, feminist writer and
journalist Vidya Bal (84-years) passed away at a private nursing in Pune. She
was known for her heroic crusade against oppressive practices involving women.
Bal was in the forefront in the fight for women’s rights and equality with men.
Bal always motivated women to break the shackles of oppression and fight for
their rights.
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